Question on new tax law
It seems that the combined deduction of property taxes and state income taxes will be capped at $10,000.00.
Won't this affect some land owners significantly?
I think that as a retired landowner my taxes will go up.
Also interest paid on home equity loans will no longer be deductible. That's going to affect a lot of folks.
Re: Question on new tax law
No us farmers can deduct all our land tax...that`s what I`m gonna do. The $10,000 cap is for the millionaires and billionaires in the 1% with their McMansions. As long as your home isn`t over $750,000 you can deduct mortgage interest, what are you Scrooge McDuck? 🙂